Legal Advice should always be sought before agreeing to any financial settlement to ensure that the agreement is fair. Financial matters that often need to be agreed upon divorce can include:
- Division of Property
- Division of Pensions
- Division of Assets
- Joint Debts
- Financial Provision for Children
Although Property and Financial issues can be dealt with at the same time as divorce proceedings they are not dealt with within main divorce proceedings themselves. It is important to note that a Decree Absolute does not dismiss any financial claims between the parties.
As members of Resolution we will attempt to reach an agreement through careful negotiation without the need to attend court. If an agreement is made between the parties then this can be formalised in an agreement called a “Consent Order” which is then sealed by the court. This dismisses any future financial claims by either party.
Financial matters can resolved amicably but if Court proceedings are necessary proceedings may need to be issued. These are known as “Financial Proceedings”. Eventually it would then be up to the Court to decide on a fair settlement.
The settlement reached is then recorded in a Court Order. However, matters can still be agreed between the parties whilst Court proceedings are on-going without the need for the Court to intervene.
Factors looked at in financial settlements
The Court would look at a variety of factors such as:
- The welfare of any children under 18
- The current and future earning capacity of either party
- The financial needs of the parties now and in the future
- The housing needs of the parties now and in the future
- Any physical or mental disability of either party
- The standard of living enjoyed by the parties before the divorce
- The length of marriage and ages of the parties
- Any financial contributions made by either party
- Any contributions such as caring for the children and looking after the home
For further information of Property and Finances go to our Frequently asked Questions page or contact our experienced specialist team on freephone 0800 1071 207 or to email click here.